Investment Performance — Calendar Year Returns (%) | ||||
| Tweedy, Browne Value Fund | S&P 5002 | MSCI World Index (Hedged to US$)3 | Morningstar Average Domestic Stock4 | |
| 1993 (12/8 - 12/31) | -0.60 | 0.18 | -6.77 | |
| 1994 | -0.56 | 1.32 | -0.98 | |
| 1995 | 36.21 | 37.59 | 21.94 | |
| 1996 | 22.45 | 22.97 | 20.09 | |
| 1997 | 38.87 | 33.38 | 25.06 | |
| 1998 | 9.59 | 28.58 | 15.76 | |
| 1999 | 2.00 | 21.04 | 28.77 | |
| 2000 | 14.45 | -9.13 | -1.03 | |
| 2001 | -0.09 | -11.88 | -10.20 | |
| 2002 | -14.91 | -22.09 | -22.53 | |
| 2003 | 23.24 | 28.69 | 31.57 | |
| 2004 | 9.43 | 10.88 | 11.92 | |
| 2005 | 2.30 | 4.91 | 6.88 | |
| 2006 | 11.63 | 15.79 | 12.57 | |
| 2007 | 0.60 | 5.49 | 5.61 | 6.27 |
| 2008 | -24.37 | -37.00 | -38.45 | -36.43 |
| 2009 | 27.60 | 26.47 | 26.31 | 30.90 |
| 2010 (through 6/30) | -4.45 | -6.65 | -6.91 | -4.77 |
Annual Total Returns For Periods Ending 06/30/10 (%) | ||||||
| Tweedy, Browne Value Fund | ||||||
| Average Annual Total Returns | Return before Taxes | Return after Taxes on Distributions | Return after Taxes on Distributions & Sale of Fund Shares | S&P 5002 | MSCI World Index (Hedged to US$)3 | Morningstar Average Domestic Stock4 |
| 1 Year | 19.04 | 18.85 | 12.67 | 14.43 | 11.65 | 16.20 |
| 3 Years | -4.51 | -5.68 | -3.86 | -9.79 | -11.07 | -8.07 |
| 5 Years | 1.47 | 0.22 | 1.23 | -0.79 | - | 0.26 |
| 10 Years | 3.53 | 2.54 | 2.89 | -1.59 | - | 0.86 |
| 15 Years | 7.53 | 6.56 | 6.45 | 6.23 | - | 6.38 |
| Since Inception (12/08/93)1 | 7.96 | 7.07 | 6.91 | 6.91 | - | 6.39 |
Expense Ratio | |||
| Total Annual Fund Operating Expense Ratio as of 03/31/10: | 1.43% | ||
| Total Annual Fund Operating Expense Ratio as of 03/31/09: | 1.42% | ||
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Returns after taxes on distributions are adjusted for federal income taxes associated with fund distributions, but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Returns after taxes on distributions and sale of fund shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
The performance shown, before and after taxes, represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.
The Fund does not impose any front-end or deferred sales charge. The expense ratio shown above reflects the inclusion of acquired fund fees and expenses and may differ from what's shown in the Funds' financial statements.
Index Descriptions
1 Inception date for the Fund was December 8, 1993. Morningstar information is available at month end only; therefore, the closest month end to the inception date of the Fund, November 30, 1993, was used. S&P 500 Index information is as of the Fund's inception date, December 8, 1993.
2 S&P 500: An unmanaged capitalization-weighted index which assumes reinvestment of dividends, and which is generally considered representative of U.S. large capitalization stocks.
3 MSCI World Index (Hedged to US$): The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the world's major developed markets. MSCI World Index (Hedged to US$) consists of the results of the MSCI World Index with its foreign currency exposure hedged 100% back into US dollars. The index accounts for interest rate differentials in forward currency exchange rates. Results for this index are inclusive of dividends and net of foreign withholding taxes. Adviser believes that the MSCI World Index is the most appropriate benchmark index starting in 2007 because since 2007 the Value Fund has invested as much as approximately 50% of its assets in non-US stocks; prior to 2007, the Value Fund was restricted to investing no more than 20% of its assets in non-US stocks and the Adviser believes that the S&P 500 was the Fund's most appropriate benchmark index for those periods.
4 Morningstar Domestic Stock Fund Average: Average returns of all domestic equity mutual funds in the Morningstar Universe.
Notes to Morningstar Category Returns:
Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is no guarantee of future results.
